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(OE) Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season. Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including... Continue Reading →
(Reuters) - For the first time, investors seeking to pour cash into U.S. clean energy projects can count on at least a decade of generous federal subsidies, offering them long-sought confidence in the staying power of the world’s third biggest renewables market. Tax credits for wind and solar projects have underpinned explosive growth in U.S.... Continue Reading →
ConocoPhillips on Thursday raised its shareholder payout target by 50% after the largest U.S. independent oil producer beat Wall Street's earnings estimates on surging energy prices. Oil and gas prices have skyrocketed with Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows. Crude is trading about 25%... Continue Reading →
Iberdrola Group company AVANGRID has finalized an agreement to take over responsibility as the operations and management services provider for Vineyard Wind 1, the U.S.' first commercial-scale offshore wind project. The agreements include an operations and maintenance service agreement and asset management agreement, which designate AVANGRID as the party responsible for overseeing the operation and... Continue Reading →
(Reuters) - Top U.S. shale oil producers say they remain laser focused on shareholder returns, limiting production expenditures largely to offset higher costs for equipment, supplies and services. The decision likely will hold down oil output increases while benefiting shareholders receiving higher payouts through dividends and share repurchases with U.S. crude prices above $95 per... Continue Reading →
With the recovery in the offshore drilling market underway, Transocean has secured new long-term contracts for two of its ultra-deepwater drillships, adding over $1.24 billion to its backlog. Transocean said on Monday that the ultra-deepwater drillship, Petrobras 10000, received a 5.8-year contract for work offshore Brazil with a national oil company. The contract adds an estimated... Continue Reading →
(Rigzone) Overall, Q2 was a challenging quarter for negotiating deals as volatility roiled both commodity and equity markets. That’s what Enverus Intelligence Research (EIR) stated in its summary of 2Q 2022 U.S. upstream M&A activity, which highlighted that, despite the challenge, about $12 billion was transacted “as numerous private equity (PE) firms brought their investments... Continue Reading →
(Reuters) - Chevron Corp (CVX.N)posted its biggest quarterly earnings ever on Friday, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target. The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share, more than triple the $3.1 billion, or $1.60 per share,... Continue Reading →
U.S. Senator Joe Manchin and Senate Majority Leader Chuck Schumer on Wednesday announced a decision to add climate provisions to a budget reconciliation legislation that is expected to provide $369 billion in energy and climate investments. The package is said to promote zero and low carbon energy and support domestic production of offshore oil and... Continue Reading →
(Reuters) New York is seeking renewable energy to power at least 1.5 million New York homes in its third offshore wind solicitation, Governor Kathy Hochul said on Wednesday, as the state ramps up development of the industry. Administered by the New York State Energy Research and Development Authority, the first phase includes $500 million investment... Continue Reading →
Brazil Energy Insight 